ALLIANT ENERGY CORP
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 20, 2026
LNT$72.67-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-21.
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsOverviewCustomer InvestmentsRate MattersLiquidity and Capital ResourcesCritical Accounting EstimatesCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-20.
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsOverviewCustomer InvestmentsRate MattersLiquidity and Capital ResourcesCritical Accounting EstimatesThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 181 previous paragraphs and 185 current paragraphs.
90 unchanged; 66 reworded; 29 added; 21 removed; 4 previous and 0 current paragraphs rearranged.
Tables are not compared: 23 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (29)
Current report
•Alliant Energy’s resource plan is the roadmap for building a strong and resilient energy future to meet the growing energy needs across Iowa and Wisconsin. This long-term plan expands generation capacity and includes a balanced mix of natural gas, energy storage, new renewable generation, improvements at existing natural gas-fired EGUs and refurbishments at existing wind farms. It is designed to deliver the reliable, affordable energy customers count on by efficiently increasing the capabilities of existing generation through gas and wind facility upgrades while also building larger scale natural gas facilities to capture economies of scale. Alliant Energy’s industry-leading wind and solar energy resources provide zero-fuel cost generation as well as generate renewable tax credits that are provided to its electric customers. By enhancing new and existing energy sources while maximizing traditional energy sources, Alliant Energy is helping support economic growth, maintain reliability and keep customer bills affordable. At the same time, Alliant Energy is modernizing its distribution system to create a smarter, more adaptable infrastructure that increases resiliency and supports evolving energy technologies. By advancing a responsible approach to energy resources, Alliant Energy can deliver what matters most to the customers and communities it serves - affordably, safely and reliably.
Current report
•Higher electric capacity revenues from existing generation resources beginning in 2025 are expected to provide cost benefits to WPL’s retail electric customers in the future through its fuel cost recovery mechanism.
Current report
•IPL provided billing credits to its retail electric customers through the tax benefit rider of $52 million and $16 million in 2025 and 2024, respectively. IPL also provided its retail electric customers $162 million and $40 million in credits on customers’ bills related to production tax credits through its fuel-related cost recovery mechanism in 2025 and 2024, respectively.
Current report
•In April 2025, WPL submitted an application to the U.S. Army Corps of Engineers for up to $45 million in loans through the Corps Water Infrastructure Financing Program. If finalized, such loans would provide low interest financing for various proposed safety projects at WPL’s Kilbourn and Prairie du Sac hydro EGUs.
Current report
•IPL and WPL executed agreements to enable fiber connectivity to one of its data center customers by leasing underground conduit in their service territories, which is expected to provide cost benefits to IPL’s and WPL’s existing customers.
Current report
•Growth: Developing energy resources to meet demand for future phases of economic development and transmission investments through ATC.
Current report
•Reliability and Resiliency: Investments to extend the flexibility, efficiency, capacity and optionality of existing resources including coal plant conversions and replacements, resiliency investments in natural gas storage, liquified natural gas and gas delivery, as well as reliability and safety investments in electric and gas distribution.
Current report
•Customer Value: Improving customer and employee experiences through technology investments that increase operational efficiency, service effectiveness and organizational agility.
Current report
•Completion of construction of energy storage projects totaling 175 MW at WPL and 99MW at IPL in 2025.
Current report
•Completion of the Neenah Unit 1 and Sheboygan Falls Unit 1 advanced gas path projects in 2025, which increased the efficiency and capacity at each of these facilities.
Current report
•In May 2025 and October 2025, the IUC issued orders, with certain conditions, approving individual customer rates for data centers expected to be constructed in IPL’s service territory. In April 2025, WPL filed a request with the PSCW for approval of an individual customer rate for a data center expected to be constructed in its service territory. A decision from the PSCW is currently expected in the second quarter of 2026.
Current report
•Sales Trends -Alliant Energy, IPL and WPL currently expect an increase in retail electric sales in 2026 compared to 2025 driven by expected load growth from new customers who currently expect to build data centers in IPL’s and WPL’s service territories. Refer to “Growing Customer Demand” for further discussion.
Current report
•Allowance for Funds Used During Construction - Alliant Energy, IPL and WPL currently expect an increase in AFUDC in 2026 compared to 2025 largely due to changes in CWIP balances related to construction activity on capital projects.
Current report
In February 2025, WPL filed a CA application with the PSCW for approval to construct a 2 billion cubic feet, or 25 million gallon, liquified natural gas facility in Rock County, Wisconsin. A decision from the PSCW is currently expected in the second quarter of 2026.
Current report
New Wind - In April 2025, WPL filed a CA application with the PSCW for approval to construct, own and operate the Bent Tree North EGU, an approximately 153 MW wind farm. A decision from the PSCW is currently expected in the second quarter of 2026. In January 2026, WPL filed a CA application with the PSCW for approval to acquire, construct, own and place into service an approximately 277 MW wind farm in Columbia County, Wisconsin. The CA application also included a request for approval of an agreement between WPL and an affiliated subsidiary of AEF, under which WPL would acquire wind development assets from the affiliate. A decision from the PSCW is currently expected in the first quarter of 2027.
Current report
New Energy Storage - In 2024, IPL received approval from the IUC to construct, own and operate up to 99 MW of energy storage, which was placed in service in November 2025 at the site of its Wever solar facility. In July 2025, the IUC issued an order authorizing IPL to construct, own and operate up to 150 MW of energy storage at the site of its retired Lansing Generating Station. In August 2025, the IUC issued an order authorizing IPL to construct, own and operate up to 75 MW of energy storage at the site of its Golden Plains wind farm. In September 2025, the IUC issued an order authorizing IPL to construct, own and operate up to 75 MW of energy storage at the site of its Whispering Willow - North wind farm.
Current report
New Natural Gas-fired Electric Generation - In June 2025, IPL received approval from the IUC to construct, own and operate the Cedar River Generating Station, a 94 MW natural gas-fired EGU using RICE technology, at the site of IPL’s Prairie Creek Generation Station. In December 2025, IPL received an order from the IUC for approval to construct, own and operate an approximately 720 MW simple-cycle natural gas-fired EGU at the site of its Marshalltown Generating Station, known as the Bobcat Energy Center. In January 2026, IPL received approval from the IUC to construct, own and operate a 94 MW natural gas-fired EGU using RICE technology at the site of its Burlington Generating Station.
Current report
New Wind - In July 2025, IPL filed for advance rate-making principles with the IUC for up to 1,000 MW of new wind generation in Iowa. The advance rate-making principles filing included requests for a fixed cost cap of $3,020/kilowatt, including AFUDC and transmission upgrade costs among other costs, and a return on common equity of 11.25%. In December 2025, IPL reached a non-unanimous settlement agreement with the Iowa Office of Consumer Advocate and others, subject to IUC approval, for up to 1,000 MW nameplate capacity of wind generation with a cost cap of $3,020/kW including AFUDC and transmission costs. IPL’s return on common equity will be the same as other assets without advance rate-making principles for purposes of setting future rates and IPL’s blended return on common equity, which will be updated each year, will be used for IPL’s retail electric earnings sharing mechanism calculation. A decision from the IUC is currently expected in the first half of 2026.
Current report
Alliant Energy’s voluntary Environmental Stewardship goals previously included interim 2030 environmental-related goals for GHG emissions, utility water supply, and electrifying owned light-duty fleet vehicles. In the first quarter of 2026, Alliant Energy decided to remove the interim 2030 voluntary environmental-related goals while remaining focused on its long-term voluntary goals. This decision was made due to a combination of factors, including the need to serve its customers with affordable, safe, and reliable energy, resource adequacy requirements, and increasing customer energy needs.
Current report
Alliant Energy’s voluntary environmental stewardship goals may be revised, or their achievement may be delayed, based on increasing customer energy needs, reliability and resource adequacy requirements, and tax policy changes. The ability to achieve these goals will depend on future economic developments, evolving energy technologies and emerging trends in Alliant Energy’s service territories. These goals are not meant to be considered guidance.
Current report
IPL filed a subsequent proceeding with the IUC in December 2025 for its October 2024 through September 2025 forward-looking Test Period retail electric and gas rate reviews, which compared actual revenues and costs to those initially forecasted by IPL. IPL currently does not expect any rate adjustments from this subsequent proceeding.
Current report
In July 2025, the One Big Beautiful Bill Act was enacted, which modified various clean energy tax credits under the Inflation Reduction Act of 2022, including production tax credits and investment tax credits. The most significant provisions of the new legislation for Alliant Energy, IPL, and WPL relate to the accelerated phase out of clean energy tax credits for eligible wind and solar projects for which construction begins more than 12 months after the enactment date or for projects placed in service after 2027, and restricted access to clean energy tax credits for projects that begin construction after 2025 and receive impermissible amounts of construction support from entities with ties to certain foreign countries, including China. Additionally, in July 2025, the Presidential Administration directed the U.S. Department of the Treasury to strictly enforce the termination of clean energy tax credits, including issuing new and revised guidance in August 2025, to ensure that requirements concerning the beginning of construction are not circumvented.
Current report
Refer to “Customer Investments” for discussion of Alliant Energy’s, IPL’s and WPL’s current plans to develop and/or acquire new renewable generation and energy storage projects. Alliant Energy, IPL and WPL currently expect these planned renewable generation and energy storage projects would continue to be eligible for clean energy tax credits. If these renewable generation and energy storage projects do not begin construction within the anticipated timeframes or fail to meet other eligibility requirements, the amount of clean energy tax credits could be significantly reduced, which could adversely impact Alliant Energy’s, IPL’s and WPL’s financial condition and results of operations.
Current report
(a)The long-term debt component of Alliant Energy’s financial capital structure includes junior subordinated notes classified as “Long-term debt, net” on Alliant Energy’s balance sheet (refer to Note 8(b) for additional information). The adjusted presentation at December 31, 2025 attributes 50% of the junior subordinated notes to common equity and 50% to long-term debt, to align with the debt-to-capital ratio used by the majority of rating agencies. The non-GAAP adjusted presentation reflecting this treatment is useful and relevant to investors in understanding how management and the rating agencies evaluate Alliant Energy’s capital structure.
Current report
Regulated Operations - Long-lived assets within regulated operations are reviewed for possible impairment whenever events or changes in circumstances indicate all or a portion of the carrying value of the assets may be disallowed for rate-making purposes. If IPL or WPL is disallowed recovery of any portion of the carrying value of its regulated property, plant and equipment that has been recently completed or is probable of being retired early, an impairment charge is recognized equal to the amount of the carrying value that was disallowed recovery. If IPL or WPL is disallowed a full or partial return on the carrying value of its regulated property, plant and equipment that has been recently completed or is probable of being retired early, an impairment charge is recognized equal to the difference between the carrying amount of the asset and the present value of the future revenues expected from its regulated property, plant and equipment. Refer to Note 3 for further discussion of Alliant Energy’s, IPL and WPL’s long-lived assets within their regulated operations.
Current report
Retroactive Tariffs on Solar Cells and Modules - In August 2023, the U.S. Department of Commerce (DOC) issued a final ruling that found solar cells and modules produced in certain Southeast Asian countries, including Cambodia, Malaysia, Thailand and Vietnam, using parts and components produced in China, were circumventing pre-existing antidumping and countervailing duties on China. Consistent with a June 2022 Presidential Proclamation, the DOC issued rules granting duty-free treatment of solar cells and modules imported from these four countries as of June 2022 until June 2024. In August 2025, the U.S. Court of International Trade (CIT) ruled that this two-year duty suspension, as issued, was impermissible. In September 2025, this ruling from the CIT was appealed to the Federal Circuit. The CIT's order has been stayed pending appeal. Alliant Energy, IPL and WPL continue to assess the potential impact of these tariffs on previously completed solar generation projects and are currently unable to predict with certainty the future outcome or impact of these matters, including resolution of ongoing litigation.
Removed paragraphs (21)
Previous report
•Significant fuel cost reductions beginning in 2023 with the completion of various solar facilities.
Previous report
•Issuance of new long-term debt at historically low interest rates for IPL ($300 million of 3.1% senior debentures due 2051) and WPL ($300 million of 1.95% green bonds due 2031) in 2021 and WPL ($600 million of 3.95% green bonds due 2032) in 2022.
Previous report
•Improving reliability and resiliency with more underground electric distribution, and enabling distributed energy solutions with higher capacity lines. Currently, approximately 28% of Alliant Energy’s electric distribution system is underground.
Previous report
•Cash Flows From Operating Activities - Alliant Energy, IPL and WPL currently expect an increase in future cash flows from operating activities resulting from the transfer of future renewable tax credits to other corporate taxpayers pursuant to the Inflation Reduction Act of 2022. In addition, Alliant Energy, IPL and WPL currently expect an increase in future cash flows from operating activities resulting from higher earnings on increasing rate base at IPL and WPL.
Previous report
•Sales Trends and Temperatures -In July 2025, IPL’s wholesale power agreement with Southern Minnesota Energy Cooperative (SMEC) will expire (sales to SMEC represented approximately 5% of IPL’s total electric sales in 2024), which is not expected to have a material impact on Alliant Energy’s or IPL’s future financial condition and results of operations. In 2024, warmer than normal temperatures in the winter and cooler than normal temperatures in the summer in Alliant Energy’s, IPL’s and WPL’s service territories resulted in lower retail electric and gas sales volumes and operating income.
Previous report
Solar - In 2024, IPL completed new solar generation projects in Iowa, including the Wever facility (150 MW), the Creston facility (50 MW), and the first (50 MW) and second (150 MW) phases of the Pleasant Creek facility. Refer to Note 3 for discussion of the construction costs associated with these projects.
Previous report
Energy Storage - IPL received approval from the IUC to construct, own and operate up to approximately 140 MW of energy storage in Iowa (100 MW at the Wever project and 40 MW at the Creston project), which is currently expected to be placed in service in 2025 and 2026.
Previous report
Environmental Stewardship -Alliant Energy’s environmental stewardship is focused on the implementation of a responsible energy strategy to meet its customers’ energy needs affordably, safely, reliably and sustainably. Alliant Energy periodically reviews and updates this strategy to reflect changes needed to support the transition to a low-carbon economy. Alliant Energy’s current voluntary environmental-related goals and achievements include the following:
Previous report
•Exceeded its 2020 targets by reducing air emissions for sulfur dioxide by over 90%, nitrogen oxides by over 80% and mercury by over 90% from 2005 levels.
Previous report
•By 2030, reduce GHG emissions from its utility operations by 50% from 2005 levels, reduce its electric utility water supply by 75% from 2005 levels and electrify 100% of its owned light-duty fleet vehicles.
Previous report
Alliant Energy’s aspirational GHG goal includes EPA reportable emissions based on applicable regulatory compliance requirements for CO2, methane and nitrous oxide from its owned fossil-fueled EGUs and distribution of natural gas. In addition, Alliant Energy’s environmental stewardship efforts include a goal to partner to plant more than 1 million trees by the end of 2030. Future updates to sustainable energy plans and attaining these goals will depend on future economic developments, evolving energy technologies and emerging trends in Alliant Energy’s service territories.
Previous report
Grid Resilience and Innovation Partnerships Program for WPL - In October 2024, the U.S. Department of Energy Office of Grid Deployment selected WPL’s Smart Power Automation for Rural Communities program application to move into the final stage of award negotiations for up to $50 million in grant funding under the Grid Resilience and Innovation Partnerships Program. WPL currently expects to submit project plans to the PSCW in 2025 when award negotiations are nearing completion. If finalized, any grant proceeds would reduce the cost of the project for WPL’s customers.
Previous report
Non-utility business -Alliant Energy continues to explore growth of its Travero businesses and other limited scope opportunities outside of, but complementary to, Alliant Energy’s core utility business. This non-utility strategy continues to evolve through exploration of modest strategic opportunities that are accretive to earnings and cash flows.
Previous report
WPL’s Retail Fuel-related Rate Filing (2023 Forward-looking Test Period) - In August 2024, the PSCW issued an order authorizing WPL to refund $34 million, plus interest, to its retail electric customers in 2024 for fuel-related costs incurred by WPL in 2023 that were lower than fuel-related costs used to determine rates for such period.
Previous report
Planned Rate Review - WPL currently expects to file a retail electric and gas rate review with the PSCW by the end of the second quarter of 2025 for the 2026/2027 forward-looking Test Period. The key drivers for the anticipated filing include revenue requirement impacts of increasing electric and gas rate base. Any rate changes granted from this pending request are expected to be effective on January 1, 2026, with a decision from the PSCW expected by the end of 2025.
Previous report
Higher Earnings on Increasing Rate Base - Refer to “Other Future Considerations” for discussion of expected increases in future cash flows from operating activities resulting from higher earnings on increasing rate base at IPL and WPL.
Previous report
In May 2023, IPL retired the Lansing Generating Station. IPL was previously allowed a full recovery of and a full return on this EGU from its retail customers. In September 2024, the IUC approved IPL’s retail electric rate review for the October 2024 through September 2025 forward-looking Test Period, which includes a return of the remaining net book value of Lansing; however, the IUC did not approve a return on the remaining net book value of Lansing, therefore the return on the remaining net book value is no longer recoverable from IPL’s retail electric customers. As a result a pre-tax non-cash charge of $60 million was recorded to “Asset valuation charge for IPL’s Lansing Generating Station” in Alliant Energy’s and IPL’s income statements in 2024, with a corresponding decrease in Alliant Energy’s and IPL’s assets retired early regulatory assets. IPL is currently allowed a full recovery of and a full return on this EGU from its wholesale customers.
Previous report
Regulated Operations - Alliant Energy’s, IPL’s and WPL’s long-lived assets within their regulated operations that were assessed for impairment and/or plant abandonment in 2024 included WPL’s generating units subject to early retirement and solar generation projects.
Previous report
Generating Units Subject to Early Retirement- Alliant Energy and WPL evaluate future plans for their electric generation fleet and have announced the early retirement of certain EGUs. When it becomes probable that an EGU will be retired before the end of its useful life, Alliant Energy and WPL must assess whether the EGU meets the criteria to be considered probable of abandonment. EGUs that are considered probable of abandonment generally have material remaining net book values and are expected to cease operations in the near term significantly before the end of their original estimated useful lives. If an EGU meets such criteria to be considered probable of abandonment, Alliant Energy and WPL must assess the probability of full recovery of the remaining carrying value of such EGU. If it is probable that regulators will not allow full recovery of and a full return on the remaining net book value of the abandoned EGU, an impairment charge is recognized equal to the difference between the remaining carrying value and the present value of the future revenues expected from the abandoned EGU.
Previous report
Alliant Energy and WPL concluded that the coal-fired Columbia Units 1 and 2 met the criteria to be considered probable of abandonment as of December 31, 2024. WPL currently plans to cease coal operations at Columbia Units 1 and 2 by the end of 2029, as well as evaluate the conversion of Columbia Unit 1 and/or Unit 2 to natural gas. WPL is currently allowed a full recovery of and a full return on the Columbia EGUs from both its retail and wholesale customers, and as a result, Alliant Energy and WPL concluded that no impairment was required as of December 31, 2024. Alliant Energy, IPL and WPL evaluated their other EGUs that are subject to early retirement and determined that no other EGUs met the criteria to be considered probable of abandonment as of December 31, 2024. Note 3 provides additional details on these EGUs.
Previous report
Solar Generation Projects - Alliant Energy and WPL review property, plant and equipment for possible impairment whenever events or changes in circumstances indicate all or a portion of the carrying value of the assets may be disallowed for rate-making purposes. If WPL is disallowed recovery of any portion of, or is only allowed a partial return on, the carrying value of its solar generation projects, then an impairment charge is recognized. Alliant Energy and WPL currently expect construction costs associated with WPL’s approximately 1,100 MW of new solar generation will exceed the construction cost estimates previously approved by the PSCW by approximately $205 million. In 2024, the PSCW issued orders approving deferral of, and the deferral of a return on, the incremental solar generation construction costs in 2024 and 2025. Alliant Energy and WPL concluded that there was not a probable disallowance of higher rate base amounts as of December 31, 2024 given construction costs were reasonably and prudently incurred. “Customer Investments” provides details of WPL’s solar generation projects recently completed.
Reworded paragraphs (66)
Previous wording
This MDA includes information relating to Alliant Energy, IPL and WPL, as well as AEF and Corporate Services. Where appropriate, information relating to a specific entity has been segregated and labeled as such. The following discussion and analysis should be read in conjunction with the Financial Statements and Notes included in this report. Unless otherwise noted, all “per share” references in MDA refer to earnings per diluted share. In addition, this MDA includes certain financial information for 2024 compared to 2023. Refer to MDA in the combined 2023 Form 10-K for details on certain financial information for 2023 compared to 2022.
Current wording
This MDA includes information relating to Alliant Energy, IPL and WPL (collectively, the Utilities), as well as ATC Holdings, AEF and Corporate Services. Where appropriate, information relating to a specific entity has been segregated and labeled as such. The following discussion and analysis should be read in conjunction with the Financial Statements and Notes included in this report. Unless otherwise noted, all “per share” references in MDA refer to earnings per diluted share. In addition, this MDA includes certain financial information for 2025 compared to 2024. Refer to MDA in the combined 2024 Form 10-K for details on certain financial information for 2024 compared to 2023.
Previous wording
Alliant Energy’s mission is to deliver affordable energy solutions and exceptional service that its customers and the communities it serves count on - affordably, safely, reliably, and sustainably. This mission aligns with Alliant Energy’s purpose - to serve customers and build stronger communities - which guides it through the ever-changing dynamics of the economy and the energy industry. Alliant Energy takes its responsibility as a corporate citizen seriously and remains a careful steward of the environment and supports the communities in its service territories. Alliant Energy’s mission and purpose are supported by a strategy focused on meeting evolving customer expectations, providing an attractive return for investors, and advancing emerging technologies with safe, secure energy production. This strategy includes the following key elements:
Current wording
Alliant Energy’s mission is to deliver the energy solutions and exceptional service that its customers and communities count on - affordably, safely, reliably and responsibly. This mission aligns with Alliant Energy’s purpose - to serve customers and build stronger communities - which guides it through the evolving dynamics of the economy and the energy industry. Alliant Energy leads as a corporate citizen, advancing environmental stewardship and supporting the communities in its service territories. Alliant Energy’s mission and purpose are supported by a strategy focused on meeting evolving customer expectations, delivering attractive returns for investors, and advancing emerging technologies and generation to enable safe, secure and future-ready energy production. This strategy includes the following key elements:
Previous wording
Providing affordable energy solutions for customers -Alliant Energy’s strategy focuses on affordable energy solutions that support retention and growth of its existing customers and attract new customers to its service territories.
Current wording
Providing affordable energy solutions for customers -Alliant Energy’s strategy focuses on affordable energy solutions that support retention and growth of existing customers and attract new customers to its service territories.
Previous wording
•Alliant Energy, IPL and WPL have utilized, and expect to continue to utilize, various provisions of the Inflation Reduction Act of 2022 to enhance tax benefits expected from wind, solar and energy storage projects in Iowa and Wisconsin, including transferring certain future tax credits from such projects to other corporate taxpayers. The Inflation Reduction Act of 2022 is expected to result in more cost benefits for IPL’s and WPL’s customers, higher rate base amounts, and improvements in long-term cash flows over the life of the solar, energy storage and wind refurbishment projects. Refer to Note 1(c) for discussion of $216 million and $98 million of proceeds from renewable tax credits transferred to other corporate taxpayers in 2024 and 2023, respectively.
Current wording
•Alliant Energy, IPL and WPL have utilized, and expect to continue to utilize, various provisions of the Inflation Reduction Act of 2022 to enhance tax benefits provided to customers that are expected from wind, solar and energy storage projects in Iowa and Wisconsin, including transferring certain future tax credits from such projects to other corporate taxpayers. Refer to Note 1(c) for discussion of $285 million, $216 million and $98 million of proceeds from renewable tax credits transferred to other corporate taxpayers in 2025, 2024 and 2023, respectively.
Previous wording
•Completion of a restructuring and voluntary employee separation program in 2024, which is expected to reduce operation and maintenance expenses in the future.
Current wording
•Completion of a restructuring and voluntary employee separation program in 2024, which is expected to reduce operation and maintenance expenses in the future. Refer to Note 12 for discussion of this program.
Previous wording
•IPL and WPL have entered into conditional commitments with the U.S. Department of Energy’s Loan Programs Office for loan guarantees of approximately $1.4 billion and $1.6 billion, respectively. If finalized, such loans would provide low interest financing for IPL’s and WPL’s expected construction of renewable generation and energy storage projects.
Current wording
•IPL and WPL have entered into conditional commitments with the U.S. Department of Energy Office of Energy Dominance Financing, formerly the Loan Programs Office, for loan guarantees of approximately $1.4 billion and $1.6 billion, respectively. If finalized, such loans would provide low interest financing for IPL’s and WPL’s expected construction of eligible projects as defined in the governing agreement.
Previous wording
In July 2024, the U.S. Department of Energy Office of Clean Energy Demonstrations awarded WPL’s Columbia Energy Storage Project, an approximately 20 MW compressed CO2-based long-duration energy storage system at the Columbia
Current wording
•In July 2024, the U.S. Department of Energy Office of Electricity - formerly administered by the Office of Clean Energy Demonstrations awarded WPL’s Columbia Energy Storage Project, an approximately 20 MW compressed CO2-based long-duration energy storage system at the Columbia Energy Center site, up to approximately $30 million in grant funding during construction of the project.
Previous wording
Making customer-focused investments -Alliant Energy’s strategic priorities include making significant customer-focused investments toward more reliable, resilient, and sustainable customer energy solutions. Alliant Energy’s strategy drives a capital allocation process focused on: 1) transitioning its generation portfolio to meet the growing interest and needs of customers for reliable and sustainable sources of energy, 2) upgrading its electric and gas distribution systems to strengthen safety, reliability and resiliency, as well as enable distributed energy solutions in its service territories, and 3) enhancing its customers’ and employees’ experience with evolving technology and greater flexibility.
Current wording
Making customer-focused investments -Alliant Energy’s strategic priorities include making customer-focused investments to provide reliable, resilient, and sustainable energy solutions. Alliant Energy’s capital allocation strategy is focused on:
Previous wording
•Over the next five years, Alliant Energy currently plans to develop and/or acquire new generation investments to add flexibility with evolving load growth, including approximately 1,200 MW of new wind and solar generation in aggregate, approximately 1,000 MW of energy storage, approximately 750 MW of new natural gas resources, refurbishments at approximately 600 MW of existing wind farms, and improvements at approximately 650 MW of existing natural gas-fired EGUs and the conversion of existing coal-fired EGUs to natural gas. Alliant Energy is currently evaluating the impact of potential additional large load growth customers and MISO’s seasonal resource adequacy requirements on its resource plans and will update these generation investment plans as needed in the future.
Current wording
•Over the next five years, Alliant Energy currently plans to develop and/or acquire new generation investments to add flexibility with evolving load growth, including approximately 1,600 MW of new natural gas resources, approximately 1,000 MW of new energy storage, approximately 1,300 MW of new renewable generation, improvements of approximately 410 MW at existing natural gas-fired EGUs, and refurbishments at approximately 450 MW of existing wind farms. Alliant Energy is currently evaluating the impact of potential additional demand from large load growth customers and MISO’s seasonal resource adequacy requirements on its resource plans and will update these generation investment plans as needed in the future.
Previous wording
Growing customer demand -Alliant Energy’s strategy supports expanding electric and gas usage in its service territories by promoting electrification initiatives and economic development.
Current wording
Growing customer demand -Alliant Energy’s strategy supports expanding electric and gas usage in its service territories by promoting electrification initiatives and economic development to grow at the pace of its customers.
Previous wording
•IPL has entered into electric service agreements with two new customers, who currently expect to build data centers at the Big Cedar Industrial Center in Cedar Rapids, Iowa in IPL’s service territory. These agreements include aggregate, maximum demands of approximately 1.9 gigawatts. The electric service agreements are subject to IUC approval under the individual customer rate tariff that was included in the IUC’s September 2024 order for IPL’s retail electric rate review. The actual timing and amount of increases in IPL’s load are subject to various factors, including interconnections and actual customer demand, and any executed or future agreements with customers are not expected to result in immediate increases in load.
Current wording
•IPL has entered into electric service agreements with two new customers, and WPL has entered into an electric service agreement with one new customer, each of whom is constructing or expects to construct one or more data centers in IPL’s or WPL’s service territories. IPL’s and WPL’s currently executed electric service agreements include aggregate, peak demands of approximately 3 gigawatts. The energy resources to serve this expected load are included in the construction and acquisition table in “Liquidity and Capital Resources.” The actual timing and amount of increases in IPL’s and WPL’s load are subject to various factors, including interconnections and actual customer demand, and any executed or future agreements with customers are not expected to result in immediate increases in load.
Previous wording
•The IUC’s order for IPL’s most recent retail electric rate review includes the creation of an individual customer rate tariff, allowing IPL to attract new load growth to its service territory. In addition, Iowa’s Major Economic Growth Attraction program and Wisconsin’s sales and use tax exemption for qualified data centers, encourage economic development in Alliant Energy’s service territory.
Current wording
•The IUC’s order for IPL’s most recent retail electric rate review includes the creation of an individual customer rate tariff, allowing IPL to attract new load growth to its service territory. In addition, Iowa’s Major Economic Growth Attraction program and Iowa’s and Wisconsin’s sales and use tax exemption for qualified data centers, encourage economic development in Alliant Energy’s service territory.
Previous wording
•Various development-ready sites, which are rail-served and in close proximity to a variety of transportation options, are located throughout Alliant Energy’s service territories.
Current wording
•Various development-ready sites, which have transmission capabilities, are rail-served and in close proximity to a variety of transportation options, are located throughout Alliant Energy’s service territories.
Previous wording
Alliant Energy’s Utilities and Corporate Services net income decreased by $2 million in 2024 compared to 2023. The decrease was primarily due to an asset valuation charge for IPL’s Lansing Generating Station as a result of the IUC order for IPL’s retail electric rate review, estimated temperature impacts on retail electric and gas sales, restructuring and voluntary separation charges, an ARO charge allocated to the steam business at IPL due to the revised CCR Rule, higher depreciation and financing expenses, and lower AFUDC. These items were partially offset by higher revenue requirements from capital investments.
Current wording
Alliant Energy’s Utilities and Corporate Services net income increased by $153 million in 2025 compared to 2024. The increase was primarily due to higher revenue requirements from capital investments, estimated temperature impacts on retail electric and gas sales, an asset valuation charge for IPL’s Lansing Generating Station as a result of the IUC order for IPL’s retail electric rate review in 2024, restructuring and voluntary separation charges in 2024, and an ARO charge allocated to the steam business at IPL due to the revised CCR Rule in 2024. These items were partially offset by higher other operation and maintenance expenses, depreciation and financing expenses.
Previous wording
Alliant Energy’s Non-utility and Parent net income decreased by $16 million in 2024 compared to 2023, primarily due to higher financing expense.
Current wording
Alliant Energy’s Non-utility and Parent net income decreased by $34 million in 2025 compared to 2024, primarily due to an asset valuation charge for Alliant Energy’s non-utility business in 2025, higher financing expense and a state income tax apportionment charge in 2025, partially offset by an adjustment of deferred tax assets due to Iowa tax reform in 2024.
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Sales Trends and Temperatures - Alliant Energy’s retail electric sales volumes decreased 1% in 2024 compared to 2023, primarily due to changes in sales volumes at IPL’s industrial customers due to standby service customers that can use other generation, and changes in temperatures. Alliant Energy’s retail gas sales volumes decreased 6% in 2024 compared to 2023, primarily due to changes in temperatures.
Current wording
Sales Trends and Temperatures - Alliant Energy’s retail electric sales volumes increased 2% in 2025 compared to 2024, primarily due to changes in temperatures and higher sales to commercial and industrial customers. Alliant Energy’s retail gas sales volumes increased 14% in 2025 compared to 2024, primarily due to changes in temperatures.
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Estimated decreases to operating income from the impacts of temperatures were as follows (in millions):
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Estimated increases (decreases) to operating income from the impacts of temperatures were as follows (in millions):
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(b)In December 2023, the PSCW issued an order authorizing an annual base rate increase of $49 million for WPL’s retail electric customers, covering the 2024 forward-looking Test Period, which reflects revenue requirement impacts of increasing electric rate base and lower forecasted fuel-related expenses.
Current wording
(b)In December 2023, the PSCW issued an order authorizing an annual base rate increase of $60 million for WPL’s retail electric customers, covering the 2025 forward-looking Test Period, which reflects revenue requirement impacts of increasing electric rate base including investments in solar generation and energy storage.
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(c)Alliant Energy’s and WPL’s sales for resale bulk power and other revenues increased primarily due to higher volumes and higher prices for electricity sold by WPL to MISO wholesale energy markets. Alliant Energy’s increase was partially offset by decreased sales for resale bulk power and other revenues at IPL primarily due to lower prices for electricity and capacity sold by IPL to MISO wholesale energy markets. These changes were largely offset by changes in fuel-related costs.
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(c)Sales for resale bulk power and other revenues increased primarily due to higher prices for electricity and capacity sold by IPL and WPL to MISO wholesale energy markets. These changes were largely offset by changes in electric fuel-related costs.
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(d)WPL’s cost recovery mechanism for retail fuel-related expenses supports deferrals of amounts that fall outside an approved fuel monitoring range of forecasted fuel-related expenses determined by the PSCW each year. The difference between revenue collected and actual fuel-related expenses incurred within the fuel monitoring range increases or decreases Alliant Energy’s and WPL’s electric utility revenues. WPL estimates the increase (decrease) to electric utility revenues from amounts within the fuel monitoring range were approximately ($4) million and $6 million in 2024 and 2023, respectively.
Current wording
(d)WPL’s cost recovery mechanism for retail fuel-related expenses supports deferrals of amounts that fall outside an approved fuel monitoring range of forecasted fuel-related expenses determined by the PSCW each year. The difference between revenue collected and actual fuel-related expenses incurred within the fuel monitoring range increases or decreases Alliant Energy’s and WPL’s electric utility revenues. WPL estimates the increase (decrease) to electric utility revenues from amounts within the fuel monitoring range were approximately $4 million and $(4) million in 2025 and 2024, respectively.
Previous wording
(a)Electric production fuel costs decreased at IPL primarily due to lower natural gas prices in 2024 compared to 2023, and lower natural gas and coal volumes due to lower dispatch of IPL’s EGUs in 2024. Electric production fuel costs decreased at WPL primarily due to lower natural gas prices in 2024 compared to 2023, and higher dispatch of WPL’s renewable EGUs in 2024, partially offset by higher coal volumes due to higher dispatch of WPL’s coal-fired EGU’s in 2024.
Current wording
(a)Electric production fuel costs increased primarily due to higher coal volumes due to higher dispatch of coal-fired EGUs and higher natural gas prices, partially offset by lower natural gas volumes due to lower dispatch of natural gas-fired EGUs.
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(b)Purchased power expense increased primarily due to higher prices for electricity purchased by IPL and WPL, and higher volumes of electricity purchased at IPL due to lower dispatch of IPL’s EGUs in 2024, partially offset by lower volumes of electricity purchased at WPL due to higher dispatch of WPL’s EGUs in 2024.
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(b)Purchased power expense increased primarily due to higher prices for electricity purchased by WPL, partially offset by lower volumes of electricity purchased at IPL.
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•Financing Plans -Alliant Energy currently expects to issue up to $25 million of common stock in 2025 through its Shareowner Direct Plan. In 2025, IPL currently expects to issue up to $600 million of long-term debt, and AEF and/or Alliant Energy at the parent company level expect to issue up to $600 million of long-term debt in aggregate. IPL and AEF each have $300 million of long-term debt maturing in 2025.
Current wording
•Financing Plans -Alliant Energy currently expects to issue up to $2.4 billion of common stock in aggregate from 2026 through 2029 through the distribution agreement that was executed in May 2025, its Shareholder Direct Plan (up to $25 million in common stock annually) and additional future equity offerings. Refer to Note 7 for discussion of common stock issuances by Alliant Energy in 2025 and Alliant Energy’s at-the-market offering program. In 2026, IPL and WPL currently expect to issue up to $500 million and $300 million, respectively, of long-term debt, and AEF and/or Alliant Energy at the parent company level expect to issue up to $400 million of long-term debt in aggregate. AEF and Alliant Energy at the parent company level have $500 million ($300 million term loan was retired in January 2026) and $575 million, respectively, of long-term debt maturing in 2026.
Previous wording
•Common Stock Dividends -Alliant Energy announced a 6% increase in its targeted 2025 annual common stock dividend to $2.03 per share, which is equivalent to a quarterly rate of $0.5075 per share, beginning with the February 2025 dividend payment. The timing and amount of future dividends is subject to approval of quarterly dividend declarations from Alliant Energy’s Board of Directors, and is dependent upon earnings expectations, capital requirements, and general financial business conditions, among other factors.
Current wording
•Common Stock Dividends -Alliant Energy announced a 5% increase in its targeted 2026 annual common stock dividend to $2.14 per share, which is equivalent to a quarterly rate of $0.535 per share, beginning with the February 2026 dividend payment. The timing and amount of future dividends is subject to approval of quarterly dividend declarations from Alliant Energy’s Board of Directors, and is dependent upon earnings expectations, capital requirements, and general financial business conditions, among other factors.
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•Higher Earnings on Increasing Rate Base -Alliant Energy, IPL and WPL currently expect increases in electric utility and gas utility revenues in 2025 compared to 2024 due to impacts from increasing revenue requirements related to investments in the utility business. In addition, Alliant Energy, IPL and WPL currently expect a decrease in the effective income tax rate in 2025 compared to 2024 due to additional tax credits from renewable generation and energy storage projects placed in service in 2024 and/or expected to be placed in service in 2025. A majority of the differences between actual renewable tax credits and renewable tax credits used to determine rates are recorded in regulatory assets or regulatory liabilities on the balance sheets until they are reflected in future billings to customers. Investment tax credits resulting from IPL energy storage projects expected to be placed in service in 2025 may be utilized to offset any revenue deficiency on an annual basis up to the earnings sharing mechanism threshold included in IPL’s retail electric rate review settlement agreement discussed in “Rate Matters.”
Current wording
•Higher Earnings on Increasing Rate Base -Alliant Energy and WPL currently expect increases in electric utility and gas utility revenues in 2026 compared to 2025 due to impacts from increasing revenue requirements related to investments in the utility business (refer to “Rate Matters” for further discussion). Additionally, Alliant Energy and IPL currently expect electric utility revenues to increase in 2026 compared to 2025 due to the expiration of tax benefit rider credits in 2025. Furthermore, Alliant Energy, IPL and WPL currently expect a decrease in the effective income tax rate in 2026 compared to 2025 due to additional renewable tax credits from renewable generation and energy storage projects placed in service in 2025 and/or expected to be placed in service in 2026. A majority of the differences between actual renewable tax credits and renewable tax credits used to determine rates are recorded in regulatory assets or regulatory liabilities on the balance sheets until they are reflected in future billings to customers. Investment tax credits resulting from IPL energy storage projects placed in service in 2025 and/or expected to be placed in service in 2026 may be utilized to offset any revenue deficiency on an annual basis up to the earnings sharing mechanism threshold included in IPL’s retail electric rate review settlement agreement.
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•Other Operation and Maintenance Expenses - Alliant Energy, IPL and WPL currently expect a decrease in other operation and maintenance expenses in 2025 compared to 2024 largely due to the asset valuation charge for IPL’s Lansing Generating Station and ARO charge for steam assets at IPL recorded in 2024, charges for restructuring and voluntary employee separation recorded in 2024, as well as expected future cost savings related to Alliant Energy’s restructuring activities. These items are expected to be partially offset by higher generation maintenance and energy delivery expenses.
Current wording
•Other Operation and Maintenance Expenses - Alliant Energy, IPL and WPL currently expect an increase in other operation and maintenance expenses in 2026 compared to 2025 largely due to higher generation maintenance and energy delivery expenses.
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•Depreciation and Amortization Expense - Alliant Energy, IPL and WPL currently expect an increase in depreciation and amortization expense in 2025 compared to 2024 due to capital projects placed in service in 2024 and 2025, and updated electric depreciation rates for IPL effective October 1, 2024.
Current wording
•Depreciation and Amortization Expense - Alliant Energy, IPL and WPL currently expect an increase in depreciation and amortization expense in 2026 compared to 2025 due to capital projects placed in service in 2025 and 2026.
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Alliant Energy’s current resource plan continues to add resources in Iowa and Wisconsin, and serves as a guide to meet customer demand for affordable, safe, reliable and sustainable energy. Over the next five years, Alliant Energy currently plans to develop and/or acquire new generation investments to add flexibility with evolving load growth, including approximately 1,200 MW of new wind and solar generation in aggregate, approximately 1,000 MW of energy storage, approximately 750 MW of new natural gas resources, refurbishments at approximately 600 MW of existing wind farms, and improvements at approximately 650 MW of existing natural gas-fired EGUs and the conversion of existing coal-fired EGUs to natural gas. Alliant Energy is currently evaluating the impact of potential additional large load growth customers and MISO’s seasonal resource adequacy requirements on its resource plans and will update these generation investment plans as needed in the future. Estimated capital expenditures for these planned projects for 2025 through 2028 are included in the “Generation” section in the construction and acquisition table in “Liquidity and Capital Resources.” Information on IPL’s and WPL’s regulatory filings and/or approvals for future generation and energy storage projects, as well as recently completed projects, are as follows:
Current wording
Alliant Energy’s current resource plan guides the addition of resources in Iowa and Wisconsin to meet customer demand for energy solutions that are affordable, safe, reliable, and responsibly delivered. Over the next five years, Alliant Energy currently plans to develop and/or acquire new generation investments to add flexibility with evolving load growth, including approximately 1,600 MW of new natural gas resources, approximately 1,000 MW of new energy storage, approximately 1,300 MW of new renewable generation, improvements of approximately 410 MW at existing natural gas-fired EGUs, and refurbishments at approximately 450 MW of existing wind farms. Alliant Energy is currently evaluating the impact of potential additional demand from large load growth customers and MISO’s seasonal resource adequacy requirements on its resource plans and will update these generation investment plans as needed in the future. Estimated capital expenditures for these planned projects for 2026 through 2029 are included in the “Generation” section in the construction and acquisition table in “Liquidity and Capital Resources.” Information on IPL’s and WPL’s regulatory filings and/or approvals for future generation and energy storage projects, as well as recently completed projects, are as follows:
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Solar - In 2022 through 2024, WPL completed 1,089 MW of new solar generation projects in Wisconsin, including the Grant County facility (200 MW) in 2024. Refer to Note 3 for discussion of the construction costs associated with these projects.
Current wording
New Solar - In 2022 through 2024, WPL completed 1,089 MW of new solar generation projects in Wisconsin. Refer to Note 3 for discussion of the construction costs associated with these projects.
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Energy Storage - In 2023, the PSCW issued orders authorizing WPL to construct, own and operate energy storage at the Grant County (100 MW) and Wood County (75 MW) solar projects in Wisconsin, which is currently expected to be placed in service in the second half of 2025, and at the Edgewater Generation Station in Wisconsin (approximately 99 MW), which is currently expected to be placed in service in 2026.
Current wording
New Energy Storage - In 2023, the PSCW issued orders authorizing WPL to construct, own and operate energy storage at the Grant County (100 MW) and Wood County (75 MW) solar projects in Wisconsin, which were placed in service in July and October 2025, respectively, and at the Edgewater Generation Station in Wisconsin (approximately 99 MW), which is currently expected to be placed in service in 2026.
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•In July 2024, the U.S. Department of Energy Office of Clean Energy Demonstrations awarded WPL’s Columbia Energy Storage Project, an approximately 20 MW compressed CO2-based long-duration energy storage system at the Columbia Energy Center site, up to approximately $30 million in grant funding during construction of the project. In addition, in October 2024, the U.S. Department of Energy Office of Grid Deployment selected WPL’s Smart Power Automation for Rural Communities program application to move into the final stage of award negotiations for up to $50 million in grant funding under the Grid Resilience and Innovation Partnerships Program. If finalized, any grant proceeds would reduce the cost of the projects for WPL’s customers.
Current wording
In July 2024, the U.S. Department of Energy Office of Electricity - formerly administered by the Office of Clean Energy Demonstrations - awarded WPL’s Columbia Energy Storage Project, an approximately 20 MW compressed CO2-based long-duration energy storage system at the Columbia Energy Center site, up to approximately $30 million in grant funding during construction of the project. In June 2025, WPL received an order from the PSCW authorizing the construction of the energy storage system. Any grant proceeds are expected to reduce the cost of the project for WPL’s customers.
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Natural Gas-fired Electric Generating Unit - In February 2025, IPL filed request with the IUC for approval to construct, own and operate the Cedar River Generating Station, a 94 MW natural gas-fired EGU using Reciprocating Internal Combustion Engine (RICE) technology, at the site of IPL’s Prairie Creek Generation Station. A decision from the IUC is currently expected in the fourth quarter of 2025.
Current wording
New Natural Gas-fired Electric Generation - In April 2025, the PSCW issued an order authorizing WPL to construct, own and operate a 17.5 MW natural gas-fired EGU using Reciprocating Internal Combustion Engine (RICE) technology, at the site of its Riverside Energy Center.
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Existing Natural Gas-Fired Electric Generating Unit Improvements - In April 2024, the PSCW issued orders authorizing WPL to construct improvements at the existing natural gas-fired Neenah Energy Facility and Sheboygan Falls Energy Facility, which would increase the capacity and efficiency of the EGUs.
Current wording
Existing Natural Gas-Fired Electric Generating Unit Improvements - In April 2024, the PSCW issued orders authorizing WPL to construct improvements at the existing natural gas-fired Neenah Energy Facility and Sheboygan Falls Energy Facility. In 2025, the Neenah Unit 1 and Sheboygan Falls Unit 1 advanced gas path projects were completed, which increased the efficiency and capacity at each of these EGUs. The Neenah Unit 2 and Sheboygan Falls Unit 2 advanced gas path projects are expected to be completed in the second quarter of 2026.
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Existing Wind Farm Refurbishment - In July 2024, WPL filed a CA application with the PSCW for approval to refurbish the Bent Tree wind farm, which would be eligible for production tax credits under the Inflation Reduction Act of 2022. A decision from the PSCW is currently expected in the first quarter of 2025.
Current wording
Existing Wind Farm Refurbishment - In May 2025, the PSCW issued an order authorizing WPL to refurbish the Bent Tree wind farm. In December 2025, the PSCW issued an order authorizing WPL to refurbish the Forward Wind Energy Center.
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•Alliant Energy’s resource plan continues to add resources in Iowa and Wisconsin, which is expected to result in continued reliability and affordability for its utility customers. As a result, Alliant Energy directly reinvests in the communities it serves through the addition of skilled jobs, economic development and increased tax revenue. From 2022 through 2024, Alliant Energy completed projects that resulted in approximately 1,500 MW of additional zero-fuel cost solar generation resources in aggregate (WPL completed 1,089 MW of solar generation in Wisconsin in 2022-2024 and IPL completed 400 MW of solar generation in Iowa in 2024), which generate renewable tax credits that are provided to its electric customers.
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New Solar - In 2024, IPL completed 400 MW of new solar generation projects in Iowa.
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Plant Retirements and Fuel Switching -The current strategy includes the retirement, or fuel switch from coal to natural gas, of various EGUs in the next several years. IPL currently expects to retire Prairie Creek Unit 1 and fuel switch Prairie Creek Unit 3 (65 MW in aggregate) by December 31, 2025. WPL currently expects to convert the coal-fired Edgewater Unit 5 (414 MW) to natural gas in 2028. In addition, WPL currently plans to cease coal operations at Columbia Units 1 and 2 (595 MW in aggregate) by the end of 2029, as well as evaluate the conversion of Columbia Unit 1 and/or Unit 2 to natural gas. Alliant Energy, IPL and WPL are working with MISO, state regulatory commissions and other regulatory agencies, as required, to determine the timing of these actions, which are subject to change depending on operational, regulatory, market and other factors. Refer to Note 3 for additional details on Columbia Units 1 and 2, and Edgewater Unit 5.
Current wording
Plant Retirements and Fuel Switching -The current strategy includes the retirement, or fuel switch from coal to natural gas, of various EGUs. Subsequent to December 31, 2025, IPL retired Prairie Creek Unit 1 and fuel switched Prairie Creek Unit 3 (65 MW in aggregate) to natural gas. WPL currently plans to continue coal operations at Edgewater Unit 5 (414 MW) and Columbia Units 1 and 2 (595 MW in aggregate) at least through 2029, as well as evaluate the potential conversion of these EGUs to natural gas. Alliant Energy, IPL and WPL are working with MISO, state regulatory commissions and other regulatory agencies, as required, to determine the timing of these actions, which are subject to change depending on operational, regulatory, market and other factors. Refer to Note 3 for additional details on Columbia Units 1 and 2.
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•By 2040, eliminate all coal-fired EGUs from its generating fleet.
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Environmental Stewardship -Alliant Energy’s environmental stewardship is focused on the implementation of a responsible energy strategy. Alliant Energy’s strategy and business plans consider the transition to a low-carbon economy as one of several factors driving transformation of the energy industry. Alliant Energy’s journey toward carbon reductions includes long-term voluntary goals to eliminate all coal-fired EGUs from its generating fleet by 2040 and aspiring to achieve net-zero GHG emissions from its utility operations by 2050.
Previous wording
Electric and Gas Distribution Systems -Customer-focused investments include replacing, modernizing and upgrading infrastructure in the electric and gas distribution systems. Electric system investments will focus on areas such as improving reliability and resiliency with more underground electric distribution and enabling distributed energy solutions with higher capacity lines. Gas system investments will focus on pipeline replacement to ensure safety and pipeline expansion to support reliability and economic development. Estimated capital expenditures for expected and current electric and gas distribution infrastructure projects for 2025 through 2028 are included in the “Electric and gas distribution systems” lines in the construction and acquisition expenditures table in “Liquidity and Capital Resources.”
Current wording
Electric and Gas Distribution Systems -Customer-focused investments include replacing, modernizing and upgrading infrastructure in the electric and gas distribution systems. Electric system investments will focus on areas such as improving reliability and resiliency with more underground electric distribution and upgrades including automation and enabling distributed energy resources. Gas system investments will focus on pipeline replacement to modernize Alliant Energy’s gas distribution systems and pipeline expansion to support reliability and economic development. Estimated capital expenditures for expected and current electric and gas distribution infrastructure projects for 2026 through 2029 are included in the “Electric and gas distribution systems” lines in the construction and acquisition expenditures table in “Liquidity and Capital Resources.”
Previous wording
Fiber Optic Telecommunication Network -Alliant Energy is currently installing fiber optic routes between its facilities to enhance its communications network to improve resiliency and reliability of, and enable and strengthen, the integrated grid network focused on less densely populated rural areas.
Current wording
Fiber Optic Telecommunication Network -Alliant Energy installed fiber optic routes between its facilities to enhance its communications network to improve resiliency and reliability of, and enable and strengthen, the integrated grid network focused on less densely populated rural areas.
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Gas Pipeline Expansion -IPL and WPL currently expect to make investments to extend various gas distribution systems to provide natural gas to unserved or underserved areas in their service territories.
Current wording
Gas Pipeline Expansion -IPL and WPL currently expect to make investments to extend various gas distribution systems to provide natural gas to unserved or underserved areas in their service territories. Additionally, IPL expects to make investments in gas pipelines to serve new natural gas generating facilities.
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Previous report — wording carried elsewhere
•Installing fiber optic routes between Alliant Energy’s facilities to enhance its communications network to improve resiliency and reliability of, and enable and strengthen, the integrated grid network focused on less densely populated rural areas. Currently, approximately 1,000 miles of underground fiber optic routes have been installed.
Previous report — wording carried elsewhere
(b)In December 2023, the PSCW issued an order authorizing an annual base rate increase of $13 million for WPL’s retail gas customers, covering the 2024 forward-looking Test Period, which reflects revenue requirement impacts of increasing gas rate base.
Previous report — wording carried elsewhere
Energy Center site, up to approximately $30 million in grant funding during construction of the project. In August 2024, WPL filed a CA application with the PSCW for construction approval of the energy storage system. A decision from the PSCW is currently expected in the second quarter of 2025. If finalized, any grant proceeds would reduce the cost of the project for WPL’s customers.
Previous report — wording carried elsewhere
•By 2050, aspire to achieve net-zero GHG emissions from its utility operations.